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Guidelines for Approving the Appointment of Managing Director/Chief Executive Officers and Directors of Dealing Member Firms

2016-12-21 5:10 PM | by Nigeria Compliancehub

These Guidelines stipulate Rules and Regulations Governing Dealing Members (Rules) which requires the prior approval of The Exchange with respect to the appointment of Managing Directors/Chief Executive Officers (MD/CEO) and Directors of Dealing Member Firms, the following guidelines set below shall henceforth, aid The Exchange in granting approvals.
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Guidelines for Dealing with Sub-Brokers

2016-12-21 5:24 PM | by Nigeria Compliancehub

By this Guidelines, Dealing Members shall transact business with only Sub-Brokers that are duly registered with the Commission upon receipt of approval from The Exchange pursuant to Article 8 of the Rules and Regulations Governing Dealing Members, and Dealing Members shall ensure that their clients are not acting… Read more

Guidelines for Implementing Article 57(D)

2016-12-21 5:38 PM | by Nigeria Compliancehub

In line with the Circular dated 18th January, 2011 on Article 57(d) of the Rules and Regulations Governing Dealing Members (Rules) which states that:
“Where a Dealing Member is suspended for any reason whatsoever: (d) The Dealing Member shall be under a duty to instruct and appoint another Dealing Member to… Read more

Amendments to the Listings Rules

2016-12-21 6:02 PM | by Nigeria Compliancehub

These Rules include any modification made to the Listing Rules which will now be administered and enforced by The Exchange; and decisions of The Exchange in respect thereof shall be binding upon every Issuer that is listed on The Nigerian Stock Exchange.
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Listings Requirements (The Green Book)

2016-12-21 6:09 PM | by Nigeria Compliancehub

By this Regulation, Companies wishing to be admitted to the official list of THE Nigerian Stock Exchange must, in addition to complying with The Exchange’s rules Governing Listing, comply with the relevant provisions of the Companies And Allied Matters Act 1990, the Investment and Securities Act, 1999 Rules… Read more

Rules for Listing of Nigerian Depositary Receipts

2016-12-21 6:44 PM | by Nigeria Compliancehub

This Rule sets out the Exchange’s requirements relating to Depositary Receipts (DRs). The aim of this Rule is to set out the general eligibility, disclosure and continuing obligations requirements that apply to DRs and then set out in subsequent parts specific provisions in relation to sponsored and unsponsored DR issues. Read more

Rules for Listing on the Premium Board

2016-12-21 6:58 PM | by Nigeria Compliancehub

These Rules are designed to be a practical guide to listing on the Premium Board of The Nigerian Stock Exchange (“the Premium Board”). The Rules provide Issuers and their advisors with important information about listing standards, disclosure and notification requirements.
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Rules for the Listing of Exchange Traded Funds (ETFs)

2016-12-21 7:13 PM | by Nigeria Compliancehub

In order to be eligible for listing on The Exchange, an Exchange Traded Funds (ETF) shall comply with the Nigerian Stock Exchange (NSE) Rules, including the NSE Exchange Traded Funds (ETF) Rules, the Security and Exchange Commission (SEC) ETF Rules, the Invesments and Securities Act (ISA), the Rules… Read more

Rules Governing the Use of the Issuers’ Portal

2016-12-21 7:29 PM | by Nigeria Compliancehub

The rule state that every Issuer shall utilize the Issuers’ Portal for the online submission to the Exchange of all information intended for release to the market in compliance with the Listings Rules, unless such information falls within an excluded category as The Exchange may in its sole… Read more

Circular on Business Combinations for Dealing Member Firms

2016-12-22 7:26 AM | by Nigeria Compliancehub

By this Circular, Dealing Members desirous of undertaking any form of business combination are reminded, amongst other things, to note the following requirements: Obtain the approval of The Exchange before commencing the business combination process and comply with all applicable laws and regulations, including the requirements of the Companies… Read more

Circular on Execution of Client Mandates

2016-12-22 7:34 AM | by Nigeria Compliancehub

By this Circular, Dealing Members are advised to refer to Article 93 of the Rules and Regulations Governing Dealing Member Firms which states that “a Dealing Member shall obtain confirmed orders from its clients before placement of an order on the system and shall keep records of same upon completion or… Read more

Circular on Know Your Employee

2016-12-22 7:40 AM | by Nigeria Compliancehub

In determining that a dealing Member firm has thoroughly investigated the previous record of persons they contemplate employing as provided under Article 165 of the Rules and Regulation governing Dealing Member Firm. The rule shall be set as a minimum standard expected of a dealing Member Firms. 

By this Circular, a… Read more

Circular on Online Trading

2016-12-22 7:42 AM | by Nigeria Compliancehub

The launch of the X-Gen trading platform by The Exchange in 2013 has resulted in the creation of online trading portals by Dealing Members. This initiative has provided the investing community with the opportunity to place orders for securities listed on The Exchange via the Order Management Systems… Read more

Circular on Pre - Open Orders

2016-12-22 7:47 AM | by Nigeria Compliancehub

By this Circular, Dealing Members are reminded that further to Article 104A of the Rules and Regulations Governing Dealing Members (Amendments and Additions part1), they are forbidden from engaging in transactions the primary purpose of which is to unduly or improperly influence the market price of securities. Read more

Circular on Recognition of Experts

2016-12-22 7:49 AM | by Nigeria Compliancehub

In order to ensure the integrity and improve the quality of financial and other information of Dealing Members of The Exchange, Dealing Members are hereby reminded to take steps to ensure that they only engage the services of experts and professionals registered by the Commission.
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Circular on Web Usage

2016-12-22 7:51 AM | by Nigeria Compliancehub

This Circular serves as a reminder to Dealing Member firms and other market participants that The Nigerian Stock Exchange’s (“The Exchange”) website, www.nse.com.ng, remains the first port of call for all market news relating to disclosures filed by companies listed on the Exchange.
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Circular Record Retention Requirements

2016-12-22 7:58 AM | by Nigeria Compliancehub

As part of The Exchange’s efforts to facilitate the growth of the capital market in an atmosphere of compliance with all applicable rules and regulations as well as in accordance with the best practices, Dealing Members Firms are reminded of the record retention requirements of The Exchange as provided in… Read more

Circular Stoppage of Pre Signed Mandates

2016-12-22 8:05 AM | by Nigeria Compliancehub

So as to put an end to the fraudulent practices currently going on in the market with the use of such instruments, this Circular is informing Dealing Member Firms of the Nigerian Stock Exchange that the use of pre signed blank mandates from clients is strictly prohibited.
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Confirmation of Sponsored Individuals

2016-12-22 8:08 AM | by Nigeria Compliancehub

In view of the migration from the Horizon trading platform to the X-Gen trading platform launched on 30th September, 2013, all Dealing Member Firms are by this circular required to notify the Exchange of any change in its authorized or sponsored individuals within 24 hours.
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Prohibition of Naked Short Selling

2016-12-22 11:12 AM | by Nigeria Compliancehub

This Circular is to serve as a reminder to all Market Makers that naked short selling is strictly prohibited. Market Makers may execute a short sale transaction provided that they have borrowed the securities or have entered into a bonafide arrangement to borrow the securities which will be… Read more

Regular Internal Review of Records

2016-12-22 11:14 AM | by Nigeria Compliancehub

The Rules and Regulations Governing Dealing Members requires Member firms to submit regular report on the internal reviews of the Firms records to The Exchange. Dealing Members therefore required to submit same on a quarterly basis alongside your quarterly returns for the quarter under review.
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Securities Lending

2016-12-22 11:31 AM | by Nigeria Compliancehub

Following the introduction of Securities Lending, please be informed that Dealing Member firms may only participate in the programme via approved Securities Lending Agents (SLAs) registered by the Securities and Exchange Commission (SEC). During the roll out period, only securities owned by Qualified Institutional Investors (QIIs) may… Read more

Sharing of Brokerage Income

2016-12-22 11:36 AM | by Nigeria Compliancehub

With respect to activities on the Exchange, this Circular provides that no Dealing member shall without special consent of the Council and subject to such conditions as the Council may impose, enter into partnership or any agency or profit sharing agreement or any association of which the Council… Read more

Ponzi shemes: Nigerians must stop being greedy - SEC DG

2017-01-23 3:00 PM | by Nigeria Compliancehub

                                   

Mr Mounir Gwazo, Director-General, Securities and Exchange Commission (SEC) told the News Agency of Nigeria (NAN) in Abuja that for Ponzi schemes to be eradicated, Nigerians must stop being greedy.

“The fundamental solution to this Ponzi scheme has to do with our own attitude as people.… Read more

NSE indices records marginal growth of 0.03%

2017-01-25 3:33 PM | by Nigeria Compliancehub


The market indices of the Nigerian Stock Exchange (NSE) on Monday appreciated by marginal growth of 0.03 per cent due to cautious trading. This is coming just as investors await the outcome of the 2017 maiden edition of the Monetary Policy Committee (MPC) meeting.

The News Agency of… Read more

Medview Airline listed on the NSE

2017-01-31 10:25 AM | by Nigeria Compliancehub


Medview Airline will be listed on the Nigeria Stock Exchange on the 31st of January, 2017. Medview’s Executive Director, Business Development, Mr Isiaq Na-Allah,said the listing would enable the airline to expand its route network and acquire more aircraft to boost its operations.

Harping on the advantages, Na-Allah said… Read more

Jaiz Bank lists on the Nigerian Stock Exchange

2017-02-13 9:51 AM | by Nigeria Compliancehub


JAIZ Bank Plc, yesterday, joined the league of quoted companies as the Nigerian Stock Exchange, NSE, admitted its 29,464, 249,300 ordinary shares at N1.25 per share, valued at N36.8 billion on its Daily Official List.

The bank has also projected to pay its first dividend after its listing… Read more

NSE: Dangote loss dips market capitalisation by N351.8b

2017-08-02 10:45 AM | by Nigeria Compliancehub

Equities trading on Monday on the floor of the Nigerian Stock Exchange (NSE) opened the week with a lull, having depreciated by 2.77 per cent as more companies released their half year financial statements.

The market indicators depreciated with All-Share Index (ASI) shedding 1020.71 points to close at 35,844.00 points, while… Read more

EFCC, Stock Exchange strengthen pact to protect investors

2017-08-14 10:11 AM | by Nigeria Compliancehub

Authorities at the Nigerian Stock Exchange (NSE) and Economic and Financial Crimes Commission (EFCC) have renewed their commitments to a Memorandum of Understanding (MoU) that seeks to protect investors from market abuses and forestall the use of the Nigerian stock market as conduit for illicit wealth.

At a high-level meeting at… Read more

FRC, shareholders bicker over waivers

2017-08-28 12:50 PM | by Nigeria Compliancehub

Shareholders in the nation’s capital market have taken a swipe on the Financial Reporting Council of Nigeria, FRCN, over alleged waiver fees it places on Chief Finance Officers, CFOs, and audit committee chairmen of quoted companies, who are not members of the Institute of Chartered Accountants of Nigeria, ICAN.

The waiver… Read more

Oando Shareholders Set To Sack Wale Tinubu, Board

2017-08-30 4:11 PM | by Nigeria Compliancehub

There are strong indications that shareholders of Oando Plc, Nigeria’s major oil marketer, will vote to sack Wale Tinubu, the Managing Director of the company and its board at the forthcoming annual general meeting (AGM), which will hold in Uyo, Akwa Ibom State on September 11, 2017.

The AGM is expected… Read more

NSE market indicators dip further by 0.08%

2017-09-20 11:09 AM | by Nigeria Compliancehub

A total of 174.65 million shares valued at N2.83 billion were traded in 3,783 deals on the Nigerian Stock Exchange (NSE) on Tuesday. 

These were against the 162.74 million shares worth N1.54 billion traded in 3,225 deals on Monday.

The market capitalisation depreciated further by N9 billion or 0.08 per cent to… Read more

Nigerian Bourse on the Right Trajectory

2017-10-04 2:40 PM | by Nigeria Compliancehub

Nigeria’s capital market effectively came on stream the same year the country gained its independence. Hence, the fate of both the market and country has ever since been tied together. Therefore, the market’s performance is similar to how the country has fared in the past 57 years. There have been… Read more

SEC orders suspension of Oando shares, audit of firm

2017-10-20 9:35 AM | by Nigeria Compliancehub

The Nigerian Stock Exchange, on Wednesday, suspended trading on the shares of Oando Plc as directed by the apex regulator, the Securities and Exchange Commission. SEC also said it planned further investigation and audit of the firm.

Some shareholders of Oando, in separate interviews, called for the suspension of the management… Read more

Stock Exchange removes full trading suspension on Oando

2017-10-24 11:59 AM | by Nigeria Compliancehub

Investors resumed trading on the shares of Oando Plc yesterday as the Nigerian Stock Exchange (NSE) lifted the full suspension placed on the shares of the indigenous energy group. The NSE meanwhile replaced the full suspension with a technical suspension, implying that while trading will continue unhindered on the shares… Read more

Stock Exchange removes full trading suspension on Oando

2017-10-24 1:58 PM | by Nigeria Compliancehub

Investors resumed trading on the shares of Oando Plc yesterday as the Nigerian Stock Exchange (NSE) lifted the full suspension placed on the shares of the indigenous energy group. The NSE meanwhile replaced the full suspension with a technical suspension, implying that while trading will continue unhindered on the shares… Read more

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